While Luckin Fights Starbucks, HeyTea Has Lines Out the Door in China (pt 2 of 2)

In Part 1, I argued that Starbucks China most interesting competitor is not Luckin Coffee. It is HeyTea, an upscale Starbucks-type business focused on tea (something Chinese consumers really, really like). And to their credit, HeyTea appears to be mostly focusing not on digital (or financial engineering) but on product development and continually thrilling their […]

Forget Luckin. Starbucks’ Most Interesting China Competitor is HeyTea (pt 1 of 2)

So Luckin Coffee has gone public and there are big questions about their revenue growth vs. operating losses. They are building an F&B business fast and aggressively against still unclear demand. But HeyTea is the Starbucks challenger I am keeping an eye on. They have long been referred to as the “Starbucks of tea”. And […]

7 Things Everyone Is Getting Wrong About the Luckin IPO (Pt 2 of 2)

The Luckin Coffee SEC filing is out. So we can finally see their numbers. This is Part 2 of what I think is being misunderstood about Luckin. Part 1 is here. #5: Luckin is not really about increasing mass-market coffee consumption in China. Luckin is engaged in a Herculean effort to get Chinese to drink […]

7 Things Everyone Is Getting Wrong About the Luckin IPO (Pt 1 of 2)

So Luckin has filed for an IPO and we finally got to see their numbers. And yes, there are red flags all over the place. Big operating losses, funky corporate structures, speculative revenue growth and so on. And this is not uncommon in a tech / internet ipo. But I don’t recall ever seeing this […]

瑞幸咖啡如何能够在中国击败星巴克 (第2部分/共3部分)

在第1部分,我详细说明了我参观几家瑞幸咖啡门店的情况。这是一个来势凶猛的新兴企业,它致力于在中国的零售咖啡业打败星巴克。所以,在第2部分,我的问题是:瑞幸咖啡能干掉星巴克吗?